DCN September 2017 - Page 43

IOT & Big Data data itself isn’t interesting – what businesses can do with it is. The biggest value in harvesting Big Data for businesses is the increased level of insight that can be garnered from analysing the data; from greater insight into customer experience to a more detailed understanding of historical trends. The main business benefits The combination of huge amounts of data, generated by thousands upon thousands of devices across almost every single industry, that can be analysed in increasingly real-time speeds means business leaders have access to an unprecedented level of insight like never before. Using this ecosystem to its full potential, key business decisions that would historically have been made using gut instinct can now be made based on tangible empirical evidence. For example, in retail, customer relationship management is essential. Retail bosses must know the best way to target their customers with relevant marketing material and offers in order to avoid alienating them and losing their business. Historically, decisions around these important business questions would be made on little to no evidence other than the perceptions of those at the top – with varying levels of success. However, with Big Data being harvested from the IoT, retailers can create an exact picture of what their customers like and dislike; from understanding how they best like to handle transactions to where and how they like to be targeted with promotional offers. This means key business decisions that can have a real impact on bottom lines will be made on the basis of tangible, specific and relevant evidence. ‘The biggest value in harvesting Big Data for businesses is the increased level of insight that can be garnered from analysing the data.’ In manufacturing industries, analysing the data generated by factory machines can save companies up to thousands of pounds. Studies have shown that machine downtime can cost up to £18,000 per machine in some industries for every minute a machine is out of work. However, connecting these machines to the IoT, and harvesting the data they produce means companies can analyse trends and anticipate machine failures before they happen. Deep learning networks, such as Oneserve Infinite, are then able to schedule maintenance automatically and assign the right skilled engineer with the relevant background knowledge on what the fault is and how to fix it. Theoretically, this will eliminate machine downtime altogether, saving huge amounts of money. As the IoT and the deep learning systems that analyse Big Data become more advanced, the potential they offer for businesses will increase exponentially. From significant cost savings to presenting a greater insight into customers than ever before, the IoT-Big Data ecosystem provides business leaders with an agility that hasn’t been available until now. Those companies who want to get to the top of their industry and stay there need to start utilising IoT and Big Data now before competitors beat them to the finish line. September 2017 | 43